Pacific Radiance secures contract for newbuild

OFFSHORE marine services provider Pacific Radiance has bagged a contract worth up to US$100 million for its latest maintenance work vessel.

The company revealed yesterday that the vessel, which is also the first of its 14 newbuilds scheduled for delivery in the current financial year, will be chartered to an international oil major for up to seven years, including extensions.

The group expects the vessel, which will be deployed to provide maintenance services for a project in South-east Asia, to contribute to its earnings from the second quarter of FY2014.